Traders are looking for Expeditors International to break out of its recent range.
optionMONSTER's Heat Seeker system detected the purchase of about 2,600 September 42 calls for $0.55 to $0.74 and 1,075 November 41 calls for $2.20. Volume was well above previous open interest in each strike, indicating that this is fresh buying.
These calls lock in the prices where traders can buy the stock no matter how far it might rise. But the contracts will rapid lose value if shares don't gain as their respective expiration dates approach in mid-September and mid-November. (See our Education section)
EXPD is up 1.01 percent this morning to $41.88. The transportation-logistics company briefly spiked near $43 with mixed earnings results on Aug. 6 but has been trading sideways since then, mostly between $40 and $42.
Total option volume tos 4,500 contracts so far today, already more than 6 times its full-session average for the last month.
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